Surely, you know from movies how a traditional auction works. When it comes to, lets say a famous painting, many people want to get it, but in the end, only one can buy it. When no higher bid is received, the auction ends and the highest bidder can buy the painting.
Our dynamic pricing works the other way around. It starts at a high price until someone buys the product or service.
Imagine wanting to get to a popular event. There is huge demand. On current ticketing sites, it is only speed that decides who can go to a particular event. In some cases there are pre-programmed robots to hit the tickets at the right moment. It is also common that people buy tickets with the intention of making a profit. They buy a lot of tickets and then they sell them higher than the original price. This is not good for either the organizer or the buyer.
We have introduced dynamic pricing that makes the market fairer. Here's how it works. The price starts from high and continues to decrease exponentially until the tickets are sold out or the auction ends. The price is can be continuously tracked on our site. It is transparent, fair and correct. Buyers can buy their tickets at any time when they feel that the event is worth the price. However, the final amount will only be charged from their card when the selling ends. As soon as the last ticket is sold out, the selling closes and everyone gets the lowest price at which the last buyer bought their ticket. This is how the market sets the price.
Why would this discourage re-sellers?
Scalpers will not buy tickets in advance, as the auction would be so expensive that they could not resell at more expensive price. Simply, their risk is greater.
On the other hand, the revenue of the organizers is increasing. As tickets to a popular event are sold out soon they are sold at a higher price.
Why don't we pay the price we booked?
We believe that in a fair system everyone pays the same prices for the same tickets or ticket types. With our system, everyone pays the price that the market has set itself.
Where would it work better than the current fixed-price ticketing?
With dynamic pricing we target events that are very popular where tickets sell out quickly.
In these events, with traditional ticketing, customers are simultaneously trying to buy ticket. This results in servers breaking down. The customers are dissatisfied. Since in our system the selling starts at a high price, the risk is big for the scalpers and those only who actually want to be at the event will book ticket. Customers don't have to worry about freezing servers anymore.